4. = An ordinary life contract for a unit amount on a fully discrete basis is issued to (x) with an annual premium of 0.048. Assume that d = 0.06, A = 0.4, and 24, 0.2. Let L be the insurer's (net) loss function at issue of policy. (a) (b) Calculate E[L] and Var (L). - Consider a portfolio of 100 policies of this type with face amounts given below: Face Amount Number of Policies 1 4 80 20 Assume that the losses are independent and use a normal approximation to calculate the probability that the present value of gains for the portfolio will exceed 20.